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WorksheetsHire Purchase_Bridge Course
Total questions: 10
Worksheet time: 5mins
Hire purchase system is governed by
Hire Purchase Act, 1972
Sale of Goods Act, 1930
Instalment Act, 1972
Properties Registeration Act, 1930
Under Hire Purchase System, the agreement can __________ anytime.
renewed
registered
terminated
enndorsed
Ownership of goods under hire purchase agreement is transferred at the time of
payment of down payment
payment of first instalment
payment of last instalment
anytime
What is transferred immediately to Hirer under hire purchase system?
Ownership of the asset
Possession of the asset
Ownership and possession of the asset
None of these
Under Hire purchase system, __________ has the right to sell.
Hirer
Hire Vendor
Debtor
None
If there is any default in payment, the seller has the right to repossess the goods and forfeit the amount already received.
True
False
The initial amount paid in hire purchase system is called
Cash price
Hire purchase price
Interest
Down payment
The difference between hire purchase price and the cash price is called
Cost of the asset
Instalment price
Total interest
Cash price
Under Hire purchase system, the buyer is called
Buyer
Hirer
Hire Vendor
Debtor
Under hire purchase system, interest is calculated on
Hire charges
Hire purchase price
Cash price
Down payment
